Digital Transactions Authoritative, insightful and timely information for payments professionals
The conversion of U.S. magnetic-stripe credit and debit cards to the Europay-MasterCard-Visa (EMV) chip card standard is about to shift into high gear, and the payments forecasters are busier than their counterparts at The Weather Channel just before a hurricane’s landfall. The EMV Migration Forum, an affiliate of the Princeton …
June, 2014
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12 June
EMV Acceptance Likely To Get A Boost When Walmart Chip Cards Begin Showing Up
The debut this summer and later in the year of chip cards for cardholders of Walmart and Sam’s Club branded credit cards likely will spur other retailers to accept the new payment card technology. That’s the finding from a Digital Transactions News survey that asks if the issuance of …
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12 June
Mobile Deposit for Prepaid Cards And Wallets Poses Heightened Fraud Risk, A New Study Finds
The technology to deposit checks into prepaid cards or mobile wallets using a smart phone is less than two years old, but already the channel is proving to be 33 times more prone to fraud than mobile deposits into bank accounts, according to data from Fidelity National Information Services Inc. …
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11 June
Beyond Credit Scores: Affirm Launches Deferred And Installment Credit for Online Sales
Transactional credit providers have been few and far between. Bill Me Later launched 14 years ago and was snapped up by eBay Inc. in 2008. BillFloat Inc. started up four years ago and has changed its name to Better Finance Inc. It’s a challenging business requiring close attention to funding costs and …
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11 June
FDIC Consent Order Restricts The Bancorp Bank’s Dealings With ISOs And Merchants
The parent company of major prepaid card issuer The Bancorp Bank on Wednesday disclosed that the bank had entered into a consent order with the Federal Deposit Insurance Corp. that places restrictions on its dealings with independent sales organizations. The order also prevents the bank in some instances from issuing …
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9 June
Amazon Finesses Payments by Adding Recurring Billing to Its Log in And Pay Feature
Recurring billing is now available from Amazon Payments, putting the online payment service from Amazon.com Inc. on more equal footing with competitors that already offer the feature. n And when consumers update their payment cards, such as to replace an expired card, the update applies to payments made to merchants. …
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9 June
PayPal Chief Marcus Quits, Takes Payments Expertise to Social Network Giant Facebook
EBay Inc. confirmed on Monday that David Marcus, president of its PayPal Inc. unit, is leaving to take a job at social-network giant Facebook Inc. John Donahoe, chief executive of eBay, will run PayPal until a successor is found for Marcus, who will remain at PayPal until the end of …
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5 June
USA Technologies Mobilizes Its Payments Platform for a Move Into Mobile Payments
Best known for providing wireless card payments for vending machines and unattended locations such as coin laundries, USA Technologies Inc. (USAT) is challenging Square Inc. and other mobile-payments providers in a move to get more mileage out of its specialty processing system. After introducing its mobile services last year, the …
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5 June
Sam’s Club And Walmart To Offer MasterCard-branded EMV Cards
Wal-Mart Stores Inc. will be among the first retailers, if not the first, to offer store-branded credit cards with Europay-MasterCard-Visa (EMV) chips when its new cards bearing a MasterCard Inc. logo are issued this month. That’s well in advance of an October 2015 deadline from the major card networks …
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5 June
VeriFone To Cut Its Headcount by 500 as Recovery Plan Takes Shape
Point-of-sale terminal maker and payment-services provider VeriFone Systems Inc. says it will cut its worldwide workforce by 500 full-time-equivalent employees, or about 9%, by year’s end as it continues to streamline operations in a fast-changing payments market. While it will be paying $30 million in severance, the San Jose, Calif.-based …